Republicans Offer Budget Plan They Claim Will Eliminate National Debt

The Republican budget proposal will eliminate the national debt while still preserving costly entitlement programs like Medicare and Social Security, Rep. Paul Ryan told CNBC.

Speaking just hours before the spending plan gets its formal introduction before Congress, Ryan, head of the House Budget Committee, said the debt will peak at 74.5 percent of gross domestic product in 2014 and then drop from there.

“We’ve got to show the country that we can get this situation under control and grow the economy, and that’s what we’re doing,” he said. “So whether (Democratic Senate Majority Leader) Harry Reid is willing to pass this bill or Barack Obama is ready to sign it, I don’t know the answer to that question.